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Global Flat Carbon Steel Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 1.1 Bn by 2028, Likely to Grow with the CAGR of 3.2% During the Forecast Period.
The Flat Carbon steel offerings are increasing its popularity in various constructions & automotive applications for its properties including energy-efficiency, environmental-friendly, and cost-effectiveness that fostered its market growth. Flat steel is a form of steel that is rolled out from steel slabs being widely applied in the manufacturing of sheets, plates, structural beams, and strips, etc. It has an extensive contribution to building & infrastructure, transportation, and electrical & electronics offerings of industries by the uniqueness of its qualities. It has also wide applications in various other manufacturing organizations by its properties including anti-corrosion properties of steel & enhances the quality, ductility, and reliability of the end product.
The building & infrastructure industry is growing by an increase in the urbanization in various countries had enhanced the demand of highly durable materials, especially the flat carbon steels are being demanded by manufacturing companies to decrease the carbon footprint caused by the offerings made by different industries. According to the World Steel Association, approximately 28% of the global carbon emissions are caused by construction activities globally. Flat steel offerings have inherited properties including versatility and recyclability that considerably support the compliance of infrastructures along with environment-friendly policies. Moreover, the supply of raw material also has risk involved along with fluctuations in the prices of material are anticipated to obstruct the market potential of flat steel.
An increase in consumer awareness regarding the advantages of flat carbon steel in terms of design flexibility, low maintenance & construction cost, and high strength are driving its demand. Growing expenditure of the government in infrastructure improvement coupled with a rise in the customers has stimulated the manufacturing industry. Such market trends globally are attributing to an increase in demand and opportunities of flat steel market expansion. Several flat steel manufacturers are focusing on research & development to offer improved product innovations and are also engaged in expanding their existing manufacturing facilities. The growing emphasis on the development of green buildings has urged steelmakers across the globe to offer sustainable solutions that are expected to accelerate the flat steel market growth in the projected time period.
Building & Infrastructure Segment Is Anticipated To Expand At Rapid Pace During The Forecast Period
The flat steel market is categorized on the basis of offerings includes hot-rolled flat sheets, hot rolled coils, metallic coated sheet & strip, non-metallic coated sheet & strip, and tin plates and electrical sheet & strip. The market of Hot rolled flat sheets had reached 110 million tons in 2018 that is accounted for optimum growth possibilities. The manufacturing of hot-rolled flat steel sheets involves rolling of steel over steel recrystallization temperature. This procedure supports in production of steel sheets that could be deformed and easily shaped in different forms. The offerings don’t need post-forming heat treatment, which is economical along with significant mechanical qualities that act as a key force in the flat steel market.
These steel sheets are extensively utilized in automotive, structural sections, railroad and various construction applications by their offerings good formability, these are corrosion resistance and are favorable in utilization that needs optimum design. Moreover, higher efficiency and performance enables it to be utilized in various interior & exterior infrastructures that are anticipated for a healthy influence on the flat steel market growth.
North America Is Expected To Dominate The Global Flat Carbon Steel Market During The Forecast Period.
The market of North America is lucrative for the flat steel market especially in industries that manufacture automotive & transportation and could register a growth of 3% by 2027. An increased presence of substantial automotive manufacturers coupled with significant growth in the economic growth that has raised the demand for passenger cars & commercial automobiles in North America. Increased government regulations had created consumer awareness on rising carbon emissions increased usage of electric vehicles had fostered the market growth.
The global flat carbon steel market is fragmented among the number of local and global players. These organizations manufacturing flat carbon steel are following strategic moves, for instance, mergers & acquisitions and partnerships, etc. Key players operating in the global flat carbon steel market are United States Steel Corporation, Voestalpine Group, ArcelorMittal, China Baowu Group Ltd. Corporation, ThyssenKrupp AG, JFE Holdings, JSW, Infra-Metals Co., Continental Steel & Tube Co., POSCO Steel, Tata Steel Limited and Nippon Steel & Sumitomo Metal Corporation.
Global Flat Carbon Steel Market Key Segments
Global Flat Carbon Steel Market, By Product
- Hot-rolled flat sheets
- Hot-rolled coils
- Electrical sheet & strip
- Metallic coated sheet & strip
- Non-metallic coated sheet & strip
- Tin Plates
Global Flat Carbon Steel Market, By End User
- Building & Infrastructure
- Transport Network
- Automotive & Transportation
- Mechanical Equipment
- Electrical Appliances
- Agriculture Equipment
- Gas Containers
Global Flat Carbon Steel Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America